Overlooked Aspects of Your Compliance Process
When you think about tax compliance, of any kind, the first thing that comes to mind is filing, or...
Sales tax is a significant revenue source for many states. In fact, according to the Tax Policy Center, it can be the leading source of revenue for many departments, comprising 25-35% of a state's revenue.
With the Wayfair decision, many more businesses are now required to collect and remit sales tax. What these businesses don't realize is that due to responsible party laws, a business itself is not the only one at risk. CEOs, CFOs, Directors and other individuals that have influence over a business's tax and accounting process can be held personally responsible for any sales tax shortfalls according to responsible party laws.